The pair trading in a bearish market since November last week.and erase most of the gains.
Now its trading at major resistance level at 78.6% Fibonacci
From the 1.03900 level we can open buy orders and Potential take profit will be 1.05100
Stop lose may be placed at 1.03360 level
While the price is above the support 1.0275, resumption of uptrend is expected.
We make sure when the resistance at 1.0630 breaks.
If the support at 1.0275 is broken, the short-term forecast -resumption of uptrend- will be invalid.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.